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About: http://data.cimple.eu/news-article/967724e22c8f73a61be771eeed8b6c9a1a76265421db0e96fd56064c Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	A Chinese-funded tax-free enclave billed as Sri Lanka's answer to Dubai and Singapore cleared the final legal hurdle Tuesday as the Supreme Court in Colombo ruled it could go ahead with only minor tweaks. The largest single foreign investment in Sri Lanka is one of several massive Asian infrastructure projects funded by China as Beijing increases its regional footprint. Sri Lanka's top court rejected 19 petitions challenging the "Colombo Port City Economic Commission" bill and approved the $1.4-billion project subject to minor amendments which the government immediately said it accepted. Project officials have said they hope the brand new "Port City," an area of reclaimed land, will attract billions of dollars for trade, banking and offshore services similar to what is available in Dubai and Singapore, two of its potential competitors. Named the "Colombo Port City" because of its proximity to Colombo's main harbour, the sea reclamation -- carried out with considerable Chinese labour -- completed in 2019 has doubled the size of Colombo's financial district by adding 269 hectares (665 acres). Under the proposed legislation expected to be passed by Sri Lanka's parliament on Thursday, the Port City will be administered by a commission with unprecedented powers to fast track investment approvals. All transactions within the Port City will be denominated in foreign currency and all salaries earned by any worker will be tax-exempt. Western countries, as well as regional power India, have long expressed concern over growing Chinese influence in strategically placed Sri Lanka. US ambassador Alaina Teplitz told reporters last month that an unintended consequence of the Port City could be "a haven for money launderers and other sorts of nefarious actors." However, the Supreme Court noted that "laws which seek to prevent money laundering and terrorist financing... apply within the area of authority of the Colombo Port City." aj/stu/jfx
schema:headline	Sri Lanka's China-backed tax haven clears final hurdle
schema:mentions	Harbor Unintended consequences Joule Colombo Money laundering Asia Currency Singapore Dubai Sri Lanka Supreme Court of the United States India China Colombo International Financial City Teplice Land reclamation Terrorism financing Tax haven Enclave and exclave
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-05-18 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	83 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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